SPY Rallying - Market Analysis for May 24th, 2006
Heading into the final two hours of trading, the SPY's
are rallying off of a test of yest.'s low at 124.67. At this
juncture, only continued strength that hurdles the prior
intraday rally peak at 126.75 will trigger important buy
signals that will argue against another last hour reverse
and capitulation. And although my work certainly shows
the requisite underlying oscillator conditions to support
a potent recovery rally-- in this brutal tape, we will
believe it when we see it!
MJP 5/24/06 2 PM ET 125.73
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